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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (19756)	10/5/2004 6:57:13 PM
From: Paul Senior	Read Replies (3) of 78625

Added small to my small position in home builder KBH today. Home builders continued to take a drubbing today. I'm a bit conflicted with PHM, the cause of the sector decline. Pulte is very diversified - by home price, by geography, and by customer profile (e.g. they have Del Webb retirement business). Prospects seem decent enough to me, although PHM apparently can't sell their Las Vegas houses at the high prices they were hoping for, so that's going to impact earnings, they say. Nevertheless, the revised forward p/e still remains pretty good imo. PHM is by far my largest position among the home builders, and I'm reluctant to take on yet more shares. For now, I prefer to keep my risk with this position - the business risk - where it is. I'm willing though to take on more sector risk by somewhat upping the small positions I have in other home builders. I am presuming the earnings warning by PHM is specific to PHM vis-a-vis its business decisions regarding the Las Vegas properties. finance.yahoo.com

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